Johnson Outdoors Inc. Annual Report 2005

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FY2005 Annual Report · Johnson Outdoors Inc.

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and Passion.
with Innovation

OWn the Adventure

Johnson Outdoors Inc.

555 Main Street

Racine, Wisconsin

53403-1015 USA

(262) 631- 6600

www.johnsonoutdoors.com

Business group overviews

Included.........

T h e S p i r i T o f A d v e n T u r e

l e t t e r t O s h a r e h O l d e r s

In 35 years, Johnson Outdoors has

Smart innovation, featuring a

grown from a single brand into a nearly

meaningful difference and a clear

diving
We are transforming our businesses

downriggers will add more depth

streamlining, simplifying and

and expand penetration for our

improving efficiency with improved

$400 million global organization.

value, gives us a vital competitive

one by one to enhance profitability.

marine electronic portfolio of

profitability as our goal. We have

Today we are building on our rich

edge and helps grow our customers’

This year, we turned our focus

leading brands.

heritage of continuous innovation to

business. Coupled with smart

deliver sustainable growth and

investment, innovation expands

enhanced shareholder value long-term.

our technology horizon, our markets,

to Diving, where European

restructuring to improve operating

efficiency is well underway.

Outdoor equipment
Consumer camping continues to

a clear vision of the future with

a firm, focused commitment to

build upon our impressive history

of product firsts.

our brand equities, and yields

We are consolidating four European

be a challenging market segment,

Revenue growth in 2005

measurable results. The effect on

surpassed the industry. Total sales

growth is clear: for the last three years,

distribution centers into one

central location, installing an

and so we continue to work on

Innovation helps to protect our

delivering new products to bring

margins, reduces the impact of

were up seven percent over last year,

new products have accounted for more

integrated ERP system to capture

excitement to this mature market.

unpredictable markets and enhances

than 25 percent of annual revenues.

synergies, and implementing a

The commercial tent segment

growth regardless of economic

Watercraft
Complexities and redundancies

have been reduced and operating

efficiency has improved, although

we have yet to reap the full benefit

of simplification efforts. In five

years, we have consolidated 16

Watercraft sites into five. Equally

dramatic is the increased speed-to-

market resulting from streamlined

development and production.

In 2005, new products drove
double-digit growth in sales among

our leading domestic and European

customers. Our new-to-the-world
Escape® electric watercraft
achieved regional rollout goals and

will expand nationally in 2006.
Ocean Kayak® grew share in the
exploding kayak fishing market,

where sales have doubled in each

driven by our rapid integration of
Humminbird® and a company-
wide renaissance of innovation.

We are confident in the steps
we have taken to create a more

efficient, productive organization.

of the past four years. And Old
Town® will roll out sturdy hydrolite
boats that are 20 percent lighter

Our investments to spur and

than competitor models, for the

sustain profitable growth are

growing female and baby-boomer

transforming Johnson Outdoors,

segments, further building upon this

even as we return to our essential

year’s successful DirigoTM kayak and

core: market-leading innovation.

Charles RiverTM canoe introductions.

true global business model while

remains flat, though our big tent

trends. Our passion for both the

supporting regional customers.

expertise opened the door to lucrative,

outdoors and our products is the

high-margin military contracts over

catalyst for innovation, which,

At the same time, we are driving

the past five years. The unpredict-

coupled with efficient processes

new product innovation to help

ability of military sales makes

and sophisticated research and

rebuild momentum in the market,

cost-efficient “right-sizing” a

technology, has created a pipeline

such as simpler, easier-to-use

moving target. We are striving for

brimming with new ideas and

computers for the recreational diver,

more military orders, while driving

new products aimed squarely at

and new underwater breathing

regulators and diving gear for both
novices and enthusiasts. Meanwhile,
this year’s worldwide UWATEC®
AladinTM dive computer launch is

on track to be the most successful

in Johnson Outdoors history.

growth in other segments with
new products, such as new Silva®
digital instruments for skiers,

runners and rollerbladers, and new
Eureka!® solar-powered tents.

market growth sectors.

We are excited about the future

for the next 35 years and beyond!

We welcome you as our partners

in this adventure.

looking ahead
We will continue working hard

Sincerely,

marine electronics
Eighteen months ago we became

to manage rising commodity and

compliance costs, seeking purchas-

a formidable competitive force

ing leverage and raising prices if

in the marine market with two
great brands – Minn Kota® and
Humminbird®. In 2005, sales in
this division increased 32 percent

warranted. Even more important,

we remain focused on knowing our

Helen P. Johnson-Leipold

consumers and our markets better

Chairman and

—and turning that unique insight

Chief Executive Officer

due to fast and efficient integration

into award-winning products.

and new product innovation.

We will continue to build on our
brand equities, using the Minn Kota®
name to expand and grow at
home, and leveraging the strength
of Humminbird® overseas.
The recently acquired Cannon®

The last five years have seen

a transformation of Johnson

Outdoors unmatched in our

35-year history. We are striving to

optimize our business structure,

processes and balance sheet,

J O H N S O N O U T D O O R S – O U R P E O P L E

Nando Zucchi

Sergio Angelini

Judy Douglas

Josh Whitney

T U R N I N G P A S S I O N I N T O I N N O V A T I O N

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Here are just a few examples of the

powerful results Johnson Outdoors

achieves through our employees’ passion

for outdoor recreation and keen business

insight. In a culture that encourages

original thinking, aided by sophisticated

R&D, we create innovative products

that drive business growth and create

long-term, sustainable value.

Nando Zucchi
G E N E R A L M A N A G E R ,

P A D D L E S P O R T S

“If you don’t paddle, if

you don’t know how the

experience is supposed to

look and feel, there’s no

way you’ll get close enough

to discover the consumer’s

unmet needs.” Nando

Zucchi practices what he

preaches, kayaking in the

someone designed a prod-

uct for the way they want

to use it,” Nando says. The

Cornell MBA, who once

built a wooden kayak in his

garage, also emphasizes

designing a product for the

way it will be manufactured.

In 2005, the DirigoTM

generated 25 percent of
Old Town® kayak sales,

morning before work, often

the most successful kayak

with other Johnson Outdoors

launch in the brand’s history.

employees. Their trips

inspire innovations like the
popular Old Town® DirigoTM.

“We’d go out paddling and

see how uncomfortable

beginners looked,” Nando

Sergio Angelini
G E N E R A L M A N A G E R ,

U W A T E C

Sergio Angelini learned to

scuba dive when taking

breaks from researching

says. “We heard consumers

nuclear power plant safety

talk about not liking to

at the University of California.

have their knees under the

At Johnson Outdoors,

cockpit, about fears of

he combines his Ph.D in

being trapped.” The DirigoTM

mechanical engineering

lets paddlers put their knees

with his diving experience.

in the center of the cockpit

For example, he says, “I once

while still ‘wearing the

lost a dive sonar because

boat.’ “People can’t believe

I thought I’d put it in my

buoyancy compensator (BC)

pocket, but missed.” That

Judy Douglas
D I R E C T O R O F M A R K E T I N G ,

M A R I N E E L E C T R O N I C S

lifting trolling motors in

and out of the water on an

ideas,” he says. Developing
the new Silva® digital

inspired a patented Johnson

G R O U P

all-day ﬁshing trip. “Even

instruments, he adds, “I

Outdoors BC with more

The childhood trips Judy

accessible pockets. Personal

Douglas took with her

the macho guys started to
complain.” Minn Kota®

haven’t worn an analog watch

for more than a year.” That

perspectives are invaluable

parents to a northwoods

product developers turned

experience makes a vital

in product development,

cabin have morphed into

frustration into success with

diﬀerence. On one eight-

Sergio says. “We’re not

getaways with her own

the Maxxum ProTM trolling

hour hike, Josh tested speed

designing from a spec sheet.

children, and one thing is

motor. “It has a gas-assist

and distance gauges built into

We know what’s necessary

constant: ﬁshing. “Our ﬁve-

cylinder, like an SUV

a heart rate monitor worn on

underwater.” Employees

year-old is a fanatic,” Judy

hatchback,” Judy explains.

a rubber strap around the

are encouraged to keep

says. She and her team have

Consumers love it—and

chest. “This was summer on

their diving equipment at

turned a love of ﬁshing into

Judy says that’s no accident.

the East coast—hot, humid

the oﬃce, pursue advanced

a marketable, competitive

“When you have a team of

and uncomfortable,” Josh

certiﬁcation and participate

advantage with retailers,

people who ﬁsh, you know

says. He came back to work

in team diving trips—all to

writers and TV personalities

what ideas will work.”

with a design change: hikers

produce unique products.

“Without innovation, we

might as well shut down,”

spreading the word about
Minn Kota®, Humminbird®
and Cannon®. Like other

Josh Whitney
P R O D U C T M A N A G E R ,

S I L V A

interested in only the speed

and distance data can now

remove the center of the strap

Sergio says, adding that a

Johnson Outdoors innovators,

Josh Whitney augments his

and wear it on a belt loop or

focus is on rapidly changing

Judy knows good things

passion for recreation with an

in a pocket. “That change

electronics. “Compare cell

happen when something

MBA and a bachelor’s degree

earned us placement with

phones from ten years ago

goes wrong. “It’s the

in mechanical engineering,

major retailers,” Josh says.

to new ones with all the

frustration you experience

and he enjoys bringing work

He adds, “Me-too products

features,” he says. “We’re

with a product that makes

home. “Every day after work

have no chance of succeeding;

making the same advances in

you think ‘This has got to

I do some outdoor activity

for long-term stability, we

our dive computers. People

change!’” she says. She

—running, skiing, in-line

have to innovate.”

expect it, and we deliver.”

points to the hassle of

skating. That’s when I get my

I N N O V A T I O N I N A C T I O N

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My name is James Allen and I am
a ﬁshing guide on Lake Texoma. I
guide full time and ﬁsh all year long.
I was ﬁshing one of my “hot spots”
yesterday, and was anchored down
because it was kind of windy.

When we decided to leave, I tried
pulling in the anchor, but it was
hung on something… This is
the same spot [where] I lost

another anchor last week, and
I thought it was another tree
limb or log or something
like that. Imagine my surprise
when I pulled up a 55-pound thrust
trolling motor!

I could tell that it had been down
for a while because there was mud

all over it, and moss had started to
grow on it. The handle still turned
pretty easily, as did the blade, so I
took it back to my starting battery,
and hooked it up.

Guess what—it worked on the
ﬁrst try! I am going to take it apart
and let it dry out, but it looks like I
have another trolling motor in my
arsenal.

I’ve always used Minn Kota but
really never had a preference of
brands until now. If your product
holds up this well under these
conditions, then I am a customer
for life…This more than makes up
for the anchor I lost last week.

Thanks again, James A.
Blue Water Striper Guide Service
Lake Texoma, Oklahoma

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as Hurricane Katrina headed for
the Gulf Coast. In my haste to
leave…I tied my Old Town Charles
River canoe to a tree and left it. As
you have seen on TV, the wall of
water associated with this storm
was 22+ feet high and driven by
Category 4 winds. Well, the RV
park was decimated…The entire
park was under 22 feet of water!

It was only yesterday, September
10, that I was able to return to try
to ﬁnd my beloved Charles River.
Well, far back in the brush, tangled
among the fallen trees and debris…I
could see the two ends of my canoe.
A neighbor and I dug and pulled and
ﬁnally pried it from the rubble. Unbe-
lievably, it was not only in one piece, it

barely had a scratch on it! …Little in
the park withstood the onslaught of
this killer storm, but my Old Town
canoe made it through to ﬂoat
down another river.

Thank you, thank you for a product
that uplifted my day. Even as I
praise you and the ﬁne products
you manufacture, I am reminded
of the terrible devastation I see as
I walk thru Biloxi, and I realize how
fortunate I am. I have always felt
the Royalex was the most durable
boat to buy; now I have an amazing
story to illustrate the facts.

Terry N.
Parkers Landing
Biloxi, MS

R E C O G N I T I O N

Over the past ﬁve years,

Johnson Outdoors brand

innovation has been

recognized by some of the

most respected names in

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I am a geology major at the University of South-

outdoor recreation.

ern Indiana, Evansville. And as a summer course,

seven students and one instructor embarked on

a 16-day ﬁeld excursion to do some mapping

in the Dakotas. Our ﬁrst night out, May 12, we

camped at the Badlands National Park in South

Dakota. Of the eight tents set up, two were

Eurekas. I have the Eureka Apex 2XTA, and

my instructor, Dr. Jim Durbin, has the civilian

version of your military combat tent.

A winter storm came screaming through the Great

Plains around 4:30 in the morning, with (estimated)

70-mile-an-hour straightline wind gusts, sleet,

thunder and lightning. Our group
thunder and lightning. Our group

awakened to the sound of
awakened to the sound of

snapping tent poles and
snapping tent poles and

ﬂapping, tearing taffeta.
ﬂapping, tearing taffeta.

Not a good noise to

hear in the middle

of the night, during a winter storm,

while stuck in the Badlands, trust me…

To make a long story short, the next morning, the

two Eurekas were the only tents that remained

undamaged, dry inside, and habitable.

So, again…a hearty THANK YOU from this lowly

undergraduate geology student. I love my tent,

and I love that my instructor knows I was the

only student smart enough to bring great gear.

Hopefully, in addition to saving my butt on the

Plains, Eureka will get me an “A” in the class!!

Sincerely,

Elizabeth R.

Fairﬁeld, IL

“Best-of-the-Best”
Minn Kota® & Eureka!®

Outside Magazine
Eureka!® & Necky®

International Convention

of Allied Sportﬁshing Trades
Minn Kota®

Scuba Lab Top Performer
Scubapro®

Marine Aftermarket
Marine Aftermarket

Accessories Trade Show
Humminbird®

Paddler Magazine
Paddler Magazine
Old Town®, Ocean® & Necky®

OUR FAMILY OF INNOVATIVE QUALITY BRANDS

www.johnsonoutdoors.com

Certain matters discussed in the Chairman’s

Letter are “forward-looking statements”

intended to be covered by the safe harbor

provision for forward-looking statements

contained in the Private Securities Litigation

Reform Act of 1995. Please see “Forward

Looking Statements” in the 2005 Form

10-K for a discussion of uncertainties and

risks associated with these statements.

Johnson Outdoors Inc.

555 Main Street

Racine, Wisconsin

53403-1015 USA

(262) 631- 6600

Nasdaq: JOUT

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M A N A G E M E N T P E R S P E C T I V E

In ﬁscal 2005, the addition of Humminbird® and a renewed emphasis

on innovation in every division drove an increase in revenues that out-

paced the industry. A strong line-up of new products represented nearly

a third of total company revenues, more than off-setting an anticipated

drop in military tent sales. Proﬁts were down compared to last year due

to unusual or one-time costs in both ﬁscal years. Excluding these items

in both years, proﬁts in ﬁscal 2005 would have

increased. And we ended the year with a strong cash position*, providing

us the ﬁnancial ﬂexibility to execute our strategic growth plans.

We are committed to ever stronger, more competitive businesses and

to ensuring sustained proﬁtable growth and enhanced shareholder

value long-term.

Helen P. Johnson-Leipold
Helen P. Johnson-Leipold

D
David W. Johnson

Chairman and
Chief Executive Ofﬁcer

Vice President and
Chief Financial Ofﬁcer

*On October 3, 2005, Johnson Outdoors Inc. announced a cash acquisition of the assets of the Cannon®
and Bottomline® brands which reduced ﬁscal 2005 cash reserves by an estimated $10 million.

(thousands,except per share data)
Operating Results
Operating Results

Net sales

Gross proﬁt

Operating proﬁt

Diluted earnings
per common share

Diluted average common
shares outstanding

Capitalization
Operating Results

2003

2004

2005

In its ﬁlings with

$315,892

$355,274

$380,690

147,618

156,354

127,989

11,613

19,128

15,532

that the Company

the U.S. Securities &

Exchange Commission,

Johnson Outdoors Inc.

and its auditors reported

$ 0.63

$ 0.99

$ 0.81

8,600

8,774

8,795

maintained effective

internal controls over

its ﬁnancial reporting as of

September 30, 2005.

Total debt

$ 77,473

$ 67,019

$ 50,800

Shareholders’ equity

$144,194

$160,644

$166,434

Total debt to total capital

35.0%

29.4%

23.4%

Financial Highlights

Strategic Growth
Plan Summary

35 Years of
Continuous Growth

Board of Directors

Transformation
Strategy

Corporate Ofﬁcers

S T R A T E G I C G R O W T H P L A N

S U M M A R Y

L O N G - T E R M G O A L

Our vision for growth is

to expand our markets,

our brand equities and

our technology horizon.

I N N O V A T

I O N

shareholder value

DISCIPLINED

PORTFOLIO

TARGETED

MARKET

MANAGEMENT

EXPANSION

OPERATING

ORGANIZATIONAL

EFFICIENCY

EFFECTIVENESS

and sustainable

proﬁtable growth

Long-term

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1 9 7 0 – 2 0 0 5 : 1 3 . 5 % C O M P O U N D A N N U A L G R O W T H I N R E V E N U E .

DRIVING SUCCESS THROUGH INNOVATION
Since Sam Johnson founded Johnson Outdoors 35 years ago,
we’ve emphasized innovation in both our products and our
business model...always seeking proﬁtable, long-term growth.

STOCK APPRECIATION* – Nasdaq: JOUT
2000-2005
* Based on JOUT year-end stock price

190%

R E V E N U E I N M I L L I O N S

$ 3 0 0 m i l l i o n

$ 2 0 0 m i l l i o n

$ 1 0 0 m i l l i o n

1970
Company
founded by
Sam Johnson

REVENUE

$ 5.2 million

1 9 7 0

JWA

1990
Initial Public Offerings
completed and Jack
Wolfskin® added to
business portfolio

REVENUE
$311 Million

1980
Minn Kota®,
Old Town®, Eureka!®
and Scubapro®
brands comprise
the business portfolio

REVENUE

$119 Million

2000
Ocean®, UWATEC®,
Necky®, Escape® ,
Carlisle®, Silva® and
Extrasport® brands
added to the
business portfolio

REVENUE
$346 Million

2005
Transformation almost
completed. Humminbird®
and Cannon® brands
added to portfolio and
non-strategic ﬁshing
reel and apparel
brands divested.

REVENUE
$381 Million

170%

150%

130%

110%

90%

70%

50%

30%

10%

-10%

1 9 8 0

1 9 9 0

2 0 0 0 2 0 0 5

2000 2001 2002 2003 2004 2005

Board of Directors

Helen P. Johnson-Leipold, 48
Chairman and Chief Executive Officer.
Director since 1994.
Also Chairman of Johnson Financial Group,
Director of S.C. Johnson & Son, Inc.
and JohnsonDiversey, Inc.

Thomas F. Pyle, Jr., 64
Vice Chairman of the Board.
Director since 1987.
Chairman, The Pyle Group.
Also Director of Sub-Zero Corporation

Gregory E. Lawton, 54
Director since 1997.
President and Chief Executive Officer
and Director of JohnsonDiversey, Inc.
Also Director of General Cable Corporation
and Superior Metal Products, Inc.

Terry E. London, 56
Director since 1999.
President of London Partners LLC.
Also Director of Pier 1 Imports, Inc.

John M. Fahey, Jr., 53
Director since 2001.
President and Chief Executive Officer
and Chairman of the Executive Committee
of the Board of Trustees of the National
Geographic Society. Also Director of
Jason Foundation for Education.

W. Lee McCollum, 56
Director since 2005.
Executive Vice President and Chief Financial
Officer of S.C. Johnson & Son, Inc.
Also Director of Johnson Bank,
Sigma-Aldrich Corporation and
Cofresco Frischhalteprodukte GmbH.

T r a n s F o r M aT i o n s T r a T E G y

since 2000, Johnson outdoors has transformed
and optimized our business at every level,
returning to the core of who we are...

Future growth strategy defined

Upgraded processes and systems

a n i n n o vaT i o n L E a d E r .

Streamlined network model

Broader channel penetration

Strategic portfolio management

Strong, capable team assembled

Clear vision defined and renewed innovation focus

Helen Johnson-Leipold named Chairman and CEO

C o r P o r a T E o F

i C E r s

Jervis B. Perkins
President &
Chief Operating Officer

david W. Johnson
Vice President &
Chief Financial Officer

susan E. Love
Vice President &
Chief Information Officer

Kevin J. Mooney
Vice President –
Worldwide Human
Resources

alisa d. swire
Vice President –
Business Development
& Legal Affairs

Helen P.
Johnson-Leipold
Chairman &
Chief Executive Officer

Cynthia a. Georgeson
Vice President –
Worldwide Communication

Mark E. Leopold
Group Vice President –
Watercraft

Kelly T. Grindle
Group Vice President –
Marine Electronics

William s. Kelly
Group Vice President –
Outdoor Equipment

Joseph B. stella
Group Vice President -
Diving

O U T D O O R E Q U I P M E N T

ATV Garage

Fireﬂy™

Inline skate speedometer

Ski speedometer

O U T D O O R E Q U I P M E N T

From family fun to high adventure,

Mt. Kilimanjaro, and housed at-risk urban

Eureka!® and Silva® answer the call of the

youth in Big City Mountaineer mentoring

great outdoors. Consumer Reports ranked

trips into backwoods America. Silva®, known

the Eureka!® TitanTM among the best for family

for quality compasses, introduced digital

camping, and Newsweek told consumers to

performance instruments that track speed,

“grab it” for fall excursions. The rugged

distance and heart rate for runners, skiers

Eureka!® Timberline® Outﬁtter 4 was the tent

and rollerbladers. Specialty tents round

of choice for Patagonia Adventure Expeditions’

out the Outdoor Equipment Group portfolio,

ecologically friendly treks along Chile’s Aysen

providing Eureka!® quality and value to

Glacier Trail. Eureka!® protected expeditions

rental and military markets.

across Nepal’s Everest region and up Tanzania’s

Eureka!®
Silva®–
Turning the outdoors
into a welcome
adventure

Run speedometer

D I V I N G

X650

MK17

T- Force

Twinjet

Futura

Nexus

D I V I N G

When Miramax Pictures explored the

AladinTM dive computers hit dive stores

amazing underwater world for their highly

around the world. This sophisticated yet

acclaimed documentary “Deep Blue,” they

easy-to-use series accommodates a broad

knew deep down they needed the best.

range of diving skills, and is on track to be

That’s why they chose Scubapro® and

the most successful dive computer global

UWATEC® diving equipment. Global leaders

launch in Johnson Outdoors history. On tap

in innovative recreational diving equipment,

for 2006 is a full range of new Scubapro®

Scubapro® and UWATEC® design products for

regulators and diving gear for new and avid

maximum comfort and performance to

divers alike. Our elite global dealer network

provide a lifetime of enhanced underwater

stands ready with outstanding products and

experiences. This year, the new UWATEC®

world-class service to meet every diver’s needs.

ScubaPro®,
Uwatec®–
Deep down, only
the best will do.

Smart Z™

Everﬂex™

W A T E R C R A F T

Chaise Lounge

Manitou™

Prowler™

Cayuga™

Venus™

W A T E R C R A F T

Pro Expedition

Dirigo™

As consumer paddling rebounds, the

a grueling 12.5 mile race across Long Island

Watercraft divison is ready—more stream-

Sound; and the Old Town® DirigoTM,Paddler

lined, more efﬁcient, and more innovative.

Magazine recreational kayak of the year.

In 2005, our brands set sales records at major

Extrasport® added comfort to kayak seating

consumer sport shows, while strong new

and apparel. Carlisle® introduced high-

products drove double-digit sales growth

performance carbon and ﬁberglass paddles.

in the U.S. and Europe. Necky® was ofﬁcial

And Escape® unique electric-powered

kayak of Primal Quest®, the world’s toughest

recreational watercraft saw test market

expedition adventure race; the Old Town®

demand outpace availability— a good sign

CayugaTM, ofﬁcial boat of “Kayak for a Cause,”

for the 2006 national rollout.

Escape®,
Ocean Kayak®,
Necky® and
Old Town® –
For adventure
on the water

Enchantment carbon

Magic carbon

M A R I N E E L E C T R O N I C S

Humminbird® 987 sonar

787 sonar

383 sonar

Edge™

Riptide™ Pro

Maxxum Pro™

MK 345 on-board
battery charger

M A R I N E E L E C T R O N I C S

The addition of the Humminbird® brand

brands. Field and Stream® named Minn Kota®

drove record 2005 sales and proﬁts for the

Maxxum ProTM 2005 “best of the best” for its

Minn Kota®–
Anywhere. Anytime.

Marine Electronics Group. Minn Kota® has nearly

unique Lift-Assist motor stowing technology.

doubled market share since 2000, increasing

The Humminbird® 987c, with side imaging and

distribution and sales through innovation

picture-like quality, received top innovation

Humminbird®–
Simply. Clearly.
Better.

and targeted marketing. We’re leveraging our

honors at MAATS, a premier marine trade

expertise to do the same for Humminbird®,

show. With newly added Cannon® downriggers,

this year delivering growth in the U.S. and

for controlled depth ﬁshing, we now compete

even stronger leadership overseas. Innovation

in ﬁve marine electronics segments—a $350

also generated awards for these powerhouse

million marketplace opportunity.

O U R I N S P I R A T I O N

Nowhere is the S P I R I T O F A D V E N T U R E more apparent

S a m J o h n s o n

than in the life of our founder, Sam Johnson. For seven decades,

Sam explored life to the fullest. Whether in the world of

business, or a world of

wonder in some far off

exotic land, Sam’s spirit

of adventure serves as

a constant beacon for both how we run our business and

how we live our lives. Here is a rare glimpse into Sam’s

p a s s i o n f o r a d v e n t u r e a s s e e n t h r o u g h h i s o w n e y e s.

C o m m o n L o o n

S a m u e L C .

J O h n S O n

Lake Owen, Wisconsin

S c h o o l o f S n a p p e r s

S a m u e L C .

J O h n S O n

Papua, new Guniea

1999

P i t c h e r P l a n t

S a m u e L C .

J O h n S O n

mt. Kinabalu, malaysia

1994

M a c h u P i c h u

S a m u e L C .

J O h n S O n

machu Pichu, Peru

N a m e k a g o n R i v e r

S a m u e L C .

J O h n S O n

Lake Owen area, Wisconsin

C u t l e a f M a p l e

S A M U E L C .

J O H N S O N

Racine, Wisconsin